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Lloyd's of London review will focus on whether to launch new global markets

LLOYD&rsquo;S of London is considering launching a raft of new insurance markets around the world in its landmark strategic review.<br /><br />&nbsp;The move could capitalise on the near-failure of US rival AIG and boost the group&rsquo;s global presence.<br /><br />Sean McGovern, the market&rsquo;s general counsel who is heading up the review, one of the biggest in Lloyds&rsquo;s 320-year history, told City A.M. dozens of insurers and brokers have already been consulted.<br /><br />But new Lloyd&rsquo;s centres &ndash; in the same form as the Lloyd&rsquo;s Asia market that has 15 insurance syndicates drawing business from around Asia &ndash; would be very costly, McGovern said. Many Lloyd&rsquo;s participants would rather that Lloyd&rsquo;s insurance brokers increased their presence in global markets and drew business to existing markets directly, he added.<br /><br />&ldquo;The fact Lloyd&rsquo;s is a market rather than a company is one of its greatest strengths, but has also been one of its weaknesses. Defining a single direction has often been tough as getting agreement with our 80 syndicates has not been easy at times,&rdquo; said McGovern. The current offshore centres might even be scaled down if Lloyd&rsquo;s can devise a way to attract business more efficiently.<br /><br />The review is now looking to conclude the meetings and crunch the numbers, with an eye to launching a draft strategic plan for consultation with Lloyd&rsquo;s participants, in October.